The morning news. [volume] (Savannah, Ga.) 1887-1900, 1887-11-06

have waited too long. Prices for buildings
and land on the west side of the city were
twenty years in advance Of real values.
/. The newspapers, with commendable de-
sire to foster local improvements. nave cried
up the boom in land. and the builders, with
desperate courage, have insisted upon thelr
longest prices, but the time has come now
when they are beginning TO weaken. FOR
the past two weeks sales at the Real Estate
Exchange have been at figures considerably
below those named a year and year ana
half ago. Several prominent builders nave
had their property sold out under forectos-
IRE proceedings; great many more are
face TO face with similar emergencies The
state of things is we'll illustrated by the case
of man who owned a row OF houses on
West End avenue, destined, as many people
think, to be the fashionable residence thor
oughfare of the city. Last April he re-
fused an offer of $4,000 cash for
one of his houses which had cost him
at the most not more than Slo,OOO.
He had already been waiting year to get
$27, 600 Last week he sold that house for
S23,0 900 1t is necessary to point out that
he lost by his avariciouSness not only the
difference between his taking price and
what was offered him last spring but
large amount of interest on his investment.
The dealers have been waiting too long, and
several attempts recently to sell large num-
bers Of lots and houses at auction. with the
idea of bracing M the boom and steadying
prices have failed so utterly of their pur-
pose that the market is now in an exceed
inglv bearish mood The dealers are still
making loud boasts that the prices will stay
up, but the purchasers are confident that
they are bound To go down.
The height of the real estate boom was
reached last Nav. Since then there has
been a steady although quiet decline, and
ho.k hiatt lap NpIl 10
q sudden rush If prices downward within
next three months. the city has been over
built in the vicinity of the park, but 1t is
not 50 much the over luilding that is caus-
ing the uneasineSS and that VIII cause ac-
tual ruin to a grea many investors, but the
fact that the Investors have set their ideas
altogether too high.
The same state Of things maintains on the
opposite side OF tie Hudson, where wholly
unimproved lard, with not even a fence
upon it, is held Il! 81 900 an acre. 1t is just
possible that tWcntv years from now I'M
proved land on thu Jersey side of the Hud-
son will be Wa IA : 900 an acre, but it is
the rankest folly to hold it at that price to-
day. IL is a curious fact, however, that the
present price is away below the prices OF
eighteen years ago When Boss Tweed
was in power, the northern part of the
city was wonderfully improved by the
construction, at enormous expense,
of magnificent avenues and parks.
For years these grand thoroughfares were
abutted solely by Squatters' cabins, for
spectators fondly believed that land would
sell at many times its value. AT that time
the Jersey land chat now waits in vain for
purchasers at $1,000 an acre, was held at
S5,000l 1t is probable that tue people who
wen. in at the top prices i'll Tweed's era are
the same who are now stubbornlY hoping to
get back fifth of their investment minus
pocketful of interest. F. r. BURTON.